Social Media Strategy Matrix for 2010 Strategic Planning

Social Media is now on a subject at corporate strategy meetings, executive off-sites, and a part of brand strategy. Even the most conservative companies are dipping their toes in the water and trying to increase shareholder value through the new web.

Great job everyone…you’ve lived up to the hype of the Social Media Revolution Video…

It’s time to start thinking about what to do next.

Setting Next Year’s Social Media Strategy

As Jeremiah Owyang reasoned, if you like boxes and have a decision to make, use a 2×2 matrix. They are great ways to organize thinking. Good strategies have clear business objectives for Social Media and well defined user problem or need.

What business objectives are we trying to accomplish with Social Media?

Reduce Costs
Increase Sales

Who are our target users for this initiative?

Customers
Employees

NOTE: Some people will argue Suppliers, and I think there are selective industries where that would apply. However, for right now, the most benefit for companies is focusing on Customers and Employees.

Social Media Strategy Matrix

Each part in the 2×2 has unique business objectives. Examples of types of projects can be seen in the box.

Setting Next Year’s Social Media Strategy

Step 1 – Do a Social Media Audit of all your projects
Step 2 – Plot those in the box based on their objectives and target users
Step 3 – Plot where your COMPETITION is focusing their efforts
Step 4 – Identify the Social Media White Space in matrix
Step 5 – Pick an executive sponsor or key function
Step 6 – Research the users and analyze the problem
Step 7 – Brainstorm and prioritize potential ideas
Step 8 - Select and staff the projects
Step 9 – Use a a portfolio approach for Social Media Governance

December 13, 2009 • Posted in: Leadership and Management, Strategy

http://www.gamsun-media.se/ Social Media

Great post! Thank you very much on setting up nice metrics to use.

Best,
Magnus Lundin – Sweden
http://www.gamsun-media.se/ Social Media

Great post! Thank you very much on setting up nice metrics to use.

Best,
Magnus Lundin – Sweden
http://redcubemarketing-blog.com/2009/12/30/need-help-with-your-2010-strategy/ Need help with your 2010 strategy? « The Cube

[...] Social Media Strategy Matrix for 2010 Strategic Planning [...]
http://www.thedeets.com Ed Kohler

Great stuff. I think some companies need to take a step back and think about who their customers are on social media sites. It's not always the end user. For example, it could be members of the media, influential bloggers, or people within distribution channels. I don't see a lot of focus on levels like this yet, but it's certainly coming.
michaellis

Ben – I like the matrix, I think it;s a good starting point and conversation point with clients. It's also simple enough for CMO – jk